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Monday, July 22, 2024

Vietnam’s rice prices soar to two-year highs

The Saigon Times

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HCMC – Export prices of Vietnamese rice have surged to two-year highs, offering a bright prospect for the country’s rice export sector this year.

The export price of 5% broken rice on February 5 was US$473 per ton, up US$15 per ton month-on-month, while the country’s 25% broken rice increased to US$453 per ton, the local media reported.

In December last year, Vietnam’s export rice price gained the top spot in global markets, at US$438 per ton of 5% broken rice and US$418 per ton of 25% broken rice.

Do Ha Nam, vice chairman of the Vietnam Food Association, attributed the surge in export rice prices to global economic uncertainties, the Russia-Ukraine military conflict and the strong demand for food stockpiling.

Vietnam’s major rice importers, such as China, the Philippines and Africa, are rushing to stock up on rice, said Nam.

Many local rice exporters said they received numerous big orders in early 2023 to ship rice to South Korea, Malaysia, Singapore, Europe, Australia and the United States from now until the second quarter of this year.

A representative of Loc Troi Group said the firm had received orders to export 40,000 tons of rice to Europe this year.

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